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Ethereum Uppercuts Bitcoin

Ethereum has been an outperformer this week in the crypto space, after breaking out of a bullish wedge. Week to date, Ethereum (ETH) has rallied over 17 whilst a tailgating Ripple (XRP) is hot on its heels, both of which have left Bitcoin (BTC) for dust which traders -0.3% lower. Yesterday it was announced that Aztec, a company focussed on privacy-centric tools, has begun a 30-day ignition ceremony to roll out its workaround for “private transactions” on ETH, which appears to have helped it break above 203.95 resistance.

We can see on the daily chart that ETH produced a slight bullish divergence with RSI whilst its bullish wedge took shape. After a lacklustre breakout, it appeared the pattern was on the brink of failure, yet prices held above the 164.12 low before building up bullish momentum ahead of the trend’s acceleration. RSI has not reached overbought territory on the daily chart. And besides, a momentum high does not always mean a price high (as we need to allow for a divergence to form).

With the bullish wedge now in play, bulls could target the $240 high at the base of the wedge.

  • A break above 217.33 assumes a run for the 240 high, although traders could look to buy dips above 203.95 support.
  • RSI is currently overbought and a bearish pinbar has appeared to warn of near-term exhaustion. However, given the strength of daily RSI, prices might consolidate or provide a relatively shallow retracement before breaking higher.
  • Ultimately, the four-hour trend remains bullish above 188.83, so bulls could look for a higher low to materialise before considering buying any dips.

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Bitcoin Looking Healthy At $9,800 As Global Markets Tumble Amid Coronavirus Fears

Traditional financial markets are plunging today amid fears of the spreading coronavirus. While indices and stocks tumble across the globe, gold is increasing as investors turn to it as a safe haven. It reached its highest point since 2013. Amid this uncertainty, it’s interesting to see where Bitcoin’s price will go next.

Stock Markets Plummet

The coronavirus outbreak continues to expand with almost 79,000 confirmed cases globally. The death toll has risen to over 2,450, and 23 are outside of mainland China.

The effect of the deadly virus spreads among the financial markets as well. For instance, South Korea has reported over 600 cases, and its most popular index noted its worst trading day since late 2018. The Korea Composite Stock Price Index (KOSPI) decreased by almost 4% today.

The situation is not much better across the globe. The S&P 500 (SPX) futures were down with 1.5%, and Nasdaq (COMP) futures dropped with around 1.8%.

The Dow Jones Industrial Average (DJIA), measuring the thirty leading blue-chip U.S. companies, decreased with 1.61%.You Might Also Like:

  • Bitcoin is Not Alone: S&P 500 and NASDAQ Records New All-Time Highs
  • Up and Down May: Traditional Stock Markets Plunge as Bitcoin Records 60% Gains in May 2019
  • VanEck Report: Holding 3% Bitcoin In Your Portfolio Improves Performance Substantially
DJIA US30 4h. Source: TradingView
DJIA US30 4h. Source: TradingView

Bitcoin Reaction

Bitcoin has traditionally demonstrated a lack of correlation to traditional financial markets. However, over the past 24 hours, its price went on a rollercoaster. It touched an intraday high of around $10,000 and a low of around $9,600. At the time of this writing, bitcoin is trading at $9,800, marking a healthy recovery.

BTCUSD 4h. Source: TradingView
BTCUSD 4h. Source: TradingView

From a technical standpoint, the $10,000 level serves as a significant resistance level. It rejected Bitcoin a few times since yesterday. In terms of support, the next measurable level is at $9,550. Should it fail to hold the price, traders should consider $9,400.

Earlier in January, when the coronavirus epidemic started to boom, both Bitcoin and gold were increasing. This led some to think that both assets were used as a hedge.

Gold and Oil

At the start of 2020, during the attacks between the U.S. and Iran, gold, oil, and Bitcoin were moving similarly. While the traditional market was plunging again, all three surged.

Despite that, the outcome so far today is somewhat different. Oil fell with 2.8% to below $57 per barrel. At the same time, gold records its highest point in over seven years.

XAUUSD 4h. Source: TradingView
XAUUSD 4h. Source: TradingView

The precious metal is regarded as the most widely-used hedge in times of uncertainty, political and economic tension, or even war. This is reaffirmed today, as gold increased with over 2.7% from $1,641 to $1,688 in just a few hours.

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Bitcoin Profit review 2020

Bitcoin is the first decentralized digital currency and as we know that Cryptocurrency has number of advantages as compared to flat money. It allow users to send coins from one person wallet to another via internet, with very low amount of fees. It can be traded all over the world on different exchanges and we know that Nowadays, bitcoin trading is on its peak, people are experimenting different techniques for such trading i.e. some ways are successful while others are scam. Automatic trading platforms like bitcoin profits have been developed to provide an ease in bitcoin trading.

What is Bitcoin Profit?

An automated trading website, developer (John Mayers) claim that they have implemented a strong software that works 0.01 seconds faster than any other trading bot available in the market. The application generate trade signals for users and automatically make transactions (buying and selling of bitcoin and Ethernet). The whole process of signal generation and brokers trading is fairly simple and free of any hidden charges. However, 1% of profit will be taken by developers as their dividend.

Remember, Bitcoin profit is legit and registered. There are some negative critics about this platform on the internet but they are fake. It is recommended to start trading with a minimum deposit of $250.

You can also read
What is Bitcoin Trading How You Can Trade like a Pro?

Why Bitcoin profit?

  • Accurate with success rate of 92%, maximize your profits with bitcoin profit
  • Available in app, feasibility for users
  • Simple interface and easy to use, highly responsive software as compared to its competitors
  • Accept debit and credit cards
  • Minimum deposit of $250, do start by using this conservative option
  • Fast registration and seamless withdrawal
  • 24/7 customer service is available
  • No hidden charges
  • On average user earn $1300 per day

How to start trade?

Step1: Create an account
All you have to do is to fill the short form available on the official website of bitcoin profit. For signup the required information include full name, email address, phone number and a strong password for your security. You will need to verify your account by following a link sent to you via the email address provided. Alternatively, you can receive a text on your phone with a code with which you can activate your account. After verification, you can go ahead and create a password for your account. The process will hardly take 5 minutes and you will be taken to the main dashboard.

Step2: Fund your Account
Now it’s time to deposit real money into your account to start trading. Bitcoin Profit trades with many pairs, including BTC/USD, ETH/USD, XRP/USD, LTC/USD and Crypto/Crypto as well. The cryptocurrencies available in the platform are Bitcoin, Ethereum, Ripple and Litecoin.
The payment options include MasterCard, MerchantPay, SafePay, Visa, GiroPay, and other Debit card options.

Step3: Demo or live Trading
To get familiarize with the bitcoin profit you use demo trading either before trading or after trading. The things are same as live trading procedures but you do not need any real money for demo trading.
Live trading option will be activated with live trade button. Different settings need to be done like to set the stop loss limit. This feature helps to protect you from unexpected downfalls.

Key features

Bitcoin profit claims to an average earning of $1300 per day. After live trading sessions, the earned profit will be credited to users account.

Verification system
This feature seems to work smoothly, they verify all the details and make sure that right person receive the money.  Bitcoin profit works for two objectives, (1) to protect our business from money launderers and other bad actors, and (2) to help you recover your account in case you lose the password.

Brokers will assists you in the withdrawal process, the request will be processed in 24 hours and amount will be credited to user account. 1% of profit will be taken by bitcoin profit software.

Customer support
Bitcoin profit hire professional customer support staff. The team will guide users 24/7, you can contact them via live chat or send an email.

Software hire only highly skilled brokers available in the market, they trade on behalf of users.

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Bitcoin Price Analysis: BTC/USD dumps fast, $9,600 in sight

  • Bitcoin spirals towards $9,600 on failing to break above the resistance at $10,000.
  • Volatility in the market means that Bitcoin price could either swing to $10,500 or to $9,000.

Bitcoin price continues to close in on $10,000 following an impressive recovery witnessed towards the end of last week. The weekend trading saw BTC/USD struggles to crack the barrier at $10,000, however, the struggle still continues. The largest-crypto is trading at $9,725 during the Asian session and Monday amid calls for a jump above the critical $10,000.

CME Bitcoin futures hit $1 billion in daily volume

One of the oldest Bitcoin futures trading platforms Chicago Mercantile Exchange (CME) has been posting record-breaking volumes even at the time Bitcoin price was diving in the last few weeks. Data by skew, a known crypto data monitoring platform indicated that last week was the third time history to see Bitcoin futures volume on CME hit $1 billion.

Bitcoin futures data by Skew

Bitcoin price technical picture

The rise in the volume of Bitcoin futures across multiple platforms has been a positive influence on Bitcoin. However, many analysts argue that is not the only reason why the largest traded crypto asset is performing incredibly well. The upcoming May 2020 halving event, the Coronavirus outbreak in China and the increase in institutional investments are just but a few fundamental and macro factors contributing to the growth.

If Bitcoin closes the week above $10,000, there is a chance that it could hit highs above $11,000. However, some analysts say that there is a chance that Bitcoin will undergo a massive drop before the May 2020 event. However, a recovery of its kind would erupt toward the end of the year.

Meanwhile, BTC/USD is fast dropping towards $9,500 after failing to break above $10,000. Volatility is high while rising channel support is trying to stop the losses. The RSI is sloping back to 50 and eyeing 30 amid increased selling activity. If the channel support gives in Bitcoin price could soon be on a rabbit hole path to $9,000.

BTC/USD daily chart

BTC/USD price chart


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